Egyptian Ministry of Petroleum and Mineral Resources announced on Saturday launching new refining and petrochemical projects with investments at USD nine billion.
In a statement, the Ministry said the they are working on launching new refining projects valued at USD 7.5 billion, including the expansion of Midor refinery in Alexandria, which has completed its first and second phases and started experimentally operating, as well as the diesel production complex project at Assiut’s ANOPC.
It also added other projects including the Suez Petroleum Processing Company’s coking complex and diesel production, the condensate distillation project at Nasr Petroleum Company in Suez, and the air distillation project at Assiut’s oil refiner.
The ministry succeeded in operating eight new projects in fields of oil refining, with investments of USD 5 billion, as part of a strategy launched in 2016 to develop the petroleum refining industry and increase its production capacities to reduce imports.
The strategy’s success led to doubling the domestic production of petrochemical materials to more than 4.3 million tons annually by the end of 2021/2022, compared to 2.1 million tons in 2015/2016, following the expansions that were added in 2016 and 2017 with a total investment of about USD 4 billion.
Source: Kuwait News Agency